Since the closing of the 20th Century, the 1920s has drawn close associations with the 1950s and 1990s, especially in the United States. The three decades are regarded as periods of economic prosperity, which lasted throughout almost the entire decade following a tremendous event that occurred in the previous decade (World War I and Spanish flu in the 1910s, World War II in the 1940s, and the end of the Cold War in the late 1980s).

Despite the comparisons, however, there were a number of differences. Firstly, Weimar RepublicGermany, like many other European countries, had to face a severe economic downturn in the opening years of the decade, because of the enormous debt caused by the war as well as the one-sided Treaty of Versailles. Such a crisis would culminate with a devaluation of the Mark in 1923, eventually leading to severe economic problems and the rise of the Nazis.

Second, the decade was characterized by the rise of radical political movements, especially in regions that were once part of empires. Communism began attracting large numbers of followers following the success of the October Revolution and the Bolsheviks' determination to win the subsequent Russian Civil War. The Bolsheviks would eventually adopt semi-capitalist policies--New Economic Policy--from 1921 to 1928.
The 1920s also experienced the rise of the far-right in Europe and elsewhere, starting with Fascism in the world as an antidote to Communism.

The Stock Market collapsed during October 1929 (see Black Tuesday) and drew a line under the prosperous 1920s.

Women's suffrage movement continues to make gains as women obtain full voting rights in Denmark in 1915, in the USA in 1920, and in England in 1928; and women begin to enter the workplace in larger numbers

Subcultures

In the 1920s, American Jazz music and motor cars were at the centre of a European subculture which began to break the rules of social etiquette and the class system (See also Swing Kids). In America, the same flaming youth subculture was "running wild" but with the added complication of alcohol prohibition. Canada had prohibition in some areas, but for the most part, thirsty Americans coming over the border found an oasis. As a result, smuggling escalated as crime gangs became organised. In the southern United States, Mexico and Cuba were popular with drinkers. Thus, a drinking subculture grew in size and a crime subculture grew along with it. Other drugs were used as alternatives to alcohol. When prohibition ended, the subculture of drink, drugs and jazz did not disappear, and neither did the gangsters.

The Jazz Age in literature

Perhaps one of the most representative literary works of the Jazz age is Americanwriter F. Scott Fitzgerald's The Great Gatsby (1925), which highlighted what some describe as the corruption of the post-WW1 age, as well as new attitudes, and the growth of individualism. Fitzgerald is largely credited with coining the term, which he used in such books as his short story collection Tales of the Jazz Age. His second novel, The Beautiful and Damned (1922), also deals with the era and its effect on a young married couple. Fitzgerald's last completed novel, Tender Is the Night (1934) takes place in the same decade but is set in France and Switzerland not New York, and consequently is not widely considered a Jazz Age novel per se.